Plant-based Excipients Market To Witness A Significant Growth Of USD 2.50 Billion By 2030Posted by Neha Bora on June 14th, 2023 San Francisco, 14 June 2023: The Report Plant-based Excipients Market Size, Share & Trends Analysis Report By Chemical Nature (Carbohydrates, Proteins, Polymers, Minerals), By Application, By Function (Binders & Diluents), By Region, And Segment Forecasts, 2023 - 2030 The global plant-based excipients market size is expected to reach USD 2.50 billion by 2030, expandingat a CAGR of 4.28% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the plant-based excipients market is attributed to the supportive initiatives by regulatory authorities to bring new excipients into the market and an increase in the R&D activities for new plant-based excipients are some major factors supporting market growth. Growing innovations in animal-free substitutes in vegetarian pharmaceuticals have attracted the attention of vegetarian and vegan consumers. For instance, in March 2022, Paraveganio is the first medicinal product in the world to be registered with the Vegan Society’s Vegan Trademark. It is the world's first medicine to be certified to contain no animal-derived products. Paraveganio is a paracetamol product manufactured by Axunio and uses a plant-based source of the excipient magnesium stearate. In September 2022, the U.S. FDA launched the Pilot Program for the Review of Innovation and Modernization of Excipients. The program emphasized creating a new pathway for manufacturers to obtain FDA review of novel excipients before their use in drug formulations. Through this program, the U.S. FDA intends to improve the development of excipient molecules to support the manufacturers. This is expected to improve the number of plant-based excipients entering the U.S. market in the coming years. Governments in the MEA region have taken various initiatives to raise awareness about various diseases, especially infectious diseases and lifestyle diseases. This is expected to improve the adoption of pharmaceuticals, thus promoting the use of excipients in the region. There is a growing demand for halal products in the MEA region, as Islamic population does not eat pork. Owing to this reason, it is expected that the adoption of plant-based excipient products is likely to rise in MEA and thus support regional market growth. Growing R&D for new methods and techniques for production of plant-based excipients has enhanced the manufacturer research activities with active areas of investigation. For instance, in March 2022, Evonik had increased plant-derived cholesterol supply, one of the critical components for the production of gene therapies & mRNA vaccines. The large-scale production of PhytoChol will meet the cholesterol market demand in Germany. This lipid is the key excipient in lipid nanoparticles used in COVID-19 vaccines. Access Research Report of Plant-based Excipients Market @ https://www.grandviewresearch.com/industry-analysis/plant-based-excipients-market-report Plant-based Excipients Market Report Highlights
List of Key Players of Plant-based Excipients Market
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